Course Description

In spite of intensive education efforts within the industry, it became clear to us that teaching RA concepts and procedures was not enough – companies were still experiencing difficulties in implementing company-consistent RA processes. Accordingly, we have expanded the focus of our practice regarding RA. In addition to providing education to staff and management, we have broadened our services to enhance training of practical applications. This combination of education and training facilitates efficient, consistent and effective implementation of RA.

For client companies who commit to corporate implementation of our Exploration Risk Analysis (RA) Process, we offer on-site an innovative training course that reviews key concepts, then immediately applies them to concessions, geologic trends, or families of prospects. We call this broad field, with obvious business applications, Play Analysis, or PlayRA.

The Surgical Theater aspect of this course is a novel, yet proven training method in the Medical field, which has already received much acclaim in our prospect reviews. Using Field Size Distributions (FSD), regional maps, and other geotechnical data, instructors review real company plays or concessions (client-supplied) with the exploration team responsible for them.

After a discussion of the scope and time frame involved for a play, first the shared and prospect-specific chance factors are reviewed. The focus quickly shifts toward the number of prospects potentially available, then to crafting the appropriate FSD and economic threshold, and critical discussions of the company’s dry hole tolerance, costs and success case program. Ranges of NPV per undiscovered volume equivalent are the final inputs.

As play parameters are estimated using robust, user-friendly software, they are projected for all to examine. All of this is done before an audience of 10-30 observers (analogous to a medical surgical theater, hence the name), who can not only observe the RA process in action, but also learn useful methods to apply reality checks, and be “de-briefed” in a positive manner.

In the 3-day version, several additional opportunities are reviewed using this procedure. The result is a rapid assimilation by geotechnical staff of: (1) applied Play RA, (2) software orientation and familiarization, and (3) methods for successful interviewing to enhance knowledge sharing.

Course Documentation

RA ST Play.pdf (36.9k)